Filtered by Subscriptions: Energy Use setting Energy
Stocks fall, but outlook remains bleak Last week, US commercial crude stocks fell for the second week running. Digging deeper, though, reveals that the rebound in gasoline demand – which has so far underpinned much of the growing market optimism – …
20th May 2020
More promising signs for the US oil market US commercial crude stocks unexpectedly fell last week, adding to growing evidence that the US oil market has passed the worst. That said, a sustained recovery is not on the cards for some time yet. Indeed, the …
13th May 2020
Slight reprieve for stricken US oil market Although US crude stocks climbed again last week, there are promising signs that the stress in the US oil market is beginning to ease. That said, a material turnaround in conditions remains some way off . The …
6th May 2020
Builds in US commercial crude stocks to continue to slow US crude stocks rose again last week, but the pace of the builds is showing more signs of slowing. We expect stocks to continue to increase until the coronavirus-related quarantine measures are …
29th April 2020
Mounting stocks come as little surprise US crude stocks jumped again last week, despite a small fall in production and a hefty drop in imports . Stocks are likely to continue to climb until the lockdowns are lifted, but the pace of increase may slow . The …
22nd April 2020
Crude stocks surge as refinery activity plummets to 12-year low US crude and product stocks soared again last week as the virus-related disruption continued to weigh on demand. We expect crude stocks to rise further in the coming weeks, but the recent …
15th April 2020
Gasoline stocks likely to remain high The latest US weekly data clearly showed the negative impact on oil demand of measures to contain the coronavirus. Further stock builds are likely in the near term, despite falling domestic production . The EIA’s …
8th April 2020
Refinery throughput to collapse and lift crude stocks US crude stocks rose a touch last week. We expect bigger increases in the coming weeks given that refineries have announced plans to curb output in response to the virus-related slump in product demand …
25th March 2020
Crude stocks look set to rise further The latest US stocks data went largely unnoticed today as prices continued to plunge on concerns about the spread of coronavirus. But, for what it is worth, we expect stocks to climb in the coming months owing to a …
18th March 2020
Crude stocks are gradually rising US crude stocks continued to edge higher this week as a rise in domestic crude output and lower refinery activity offset a fall in net imports . Product demand remains healthy for now, but if COVID-19 takes greater hold …
4th March 2020
Coronavirus to weigh on US crude exports US crude stocks rose last week. That said, exports could drop soon if coronavirus-related port disruption spreads across Asia, which would put upward pressure on stocks . The EIA’s weekly US Petroleum Report, …
26th February 2020
Some signs of improvement in gasoline demand US crude stocks rose a touch last week despite a slump in net imports. Looking ahead, we expect strong growth in US exports together with a recovery in economic activity to push down crude stocks this year . …
20th February 2020
Bearish report dampens optimism slightly US crude stocks increased again last week owing almost entirely to a surge in net imports. However, despite this bearish report, oil prices are still up 3% today in part on the back of optimism that the coronavirus …
12th February 2020
Few surprises to be found US crude stocks rose again last week in line with the seasonal norm. While small falls in US product stocks suggest demand is holding up, it would take a surge in US consumption to even go some of the way to offset the slump in …
5th February 2020
Stocks may remain elevated for a while yet US crude stocks rose last week owing in large part to lower refinery activity. Crude stocks may remain high for some time in light of high gasoline inventories, but we expect them to ease back later in the year …
29th January 2020
Recovery in US economic growth to push down stocks this year US crude stocks declined last week despite a drop in exports and refining activity. We think that crude inventories will begin to fall more rapidly later this year as economic growth recovers …
23rd January 2020
Crude and product stocks to fall back later this year US commercial crude stocks fell, mainly because of a drop in net imports. We expect crude inventories to decline further through the course of the year as US exports creep higher and the economy …
15th January 2020
Slump in crude exports not a cause for concern The surprise build in US crude stocks last week was mostly the result of a plunge in exports. At the same time, while product stocks increased again, we expect this trend to reverse through the course of the …
8th January 2020
Surging exports to continue to weigh on US stocks US commercial crude stocks fell sharply last week as exports soared and there was a step-up in refinery activity. We expect exports to remain high given constrained OPEC+ output. In contrast, product …
3rd January 2020
Gasoline and distillate demand to diverge US commercial crude stocks rose last week, while gasoline inventories surged on the back of a drop in demand. We expect inventories to rise further in the first quarter, as economic growth remains muted . The …
11th December 2019
Surprise drawdown a false dawn US crude stocks fell last week on the back of increased refinery throughput. However, with stocks well above their historical average, and with the US economy set to slow, this latest report doesn’t alter our view that US …
4th December 2019
Crude stocks will continue to climb US commercial crude stocks rose last week, largely on the back of an outflow from the government’s strategic reserve. Over the coming months, we expect slowing economic growth and faltering crude demand to lead to …
27th November 2019
SPR release prevents a drawdown US commercial crude stocks rose, in large part due to a significant outflow from the strategic reserve. That said, we expect stocks to remain relatively high as the economy slows and demand falters . The EIA’s weekly US …
20th November 2019
Higher production boosts crude stocks US commercial crude stocks rose, in part owing to higher domestic production but there was also a significant outflow from the strategic reserve. We think that above-trend US stocks will remain a factor weighing on …
14th November 2019
US commercial stocks to increase US commercial crude stocks rose on the back of higher net imports and a fall in inputs to refineries. We expect a slowdown in the US economy to lead to further builds in inventories in the coming weeks . The EIA’s weekly …
6th November 2019
Strong gasoline demand, for now US commercial crude stocks surged last week owing to a jump in net imports. Over the coming months, we expect a slowdown in the US economy to lead to further builds in inventories . The EIA’s weekly US Petroleum Report, …
30th October 2019
Surprise drawdown is cold comfort US crude stocks fell last week on the back of strong demand for both distillates and gasoline. But with stocks still comfortably above the five-year average, and the US economy set to slow further, this reading doesn’t …
23rd October 2019
Strong distillate demand is here to stay US crude stocks surged last week in part because of a decline in refinery throughput. We expect further builds in stocks over the next few months as the US economy slows, which will curb gasoline demand . The EIA’s …
17th October 2019
Crude stocks are on a rising trend US crude stocks rose again last week and we suspect that they will increase further owing to ongoing refinery maintenance and the prospect of lower product demand as the US economy slows . The EIA’s weekly US Petroleum …
9th October 2019
Crude stocks to continue rising as the US economy slows US crude stocks increased last week as inputs to refineries fell. We expect crude stocks to continue to rise in the coming months as a weaker US economy leads to softer growth in gasoline demand . …
2nd October 2019
Fall in US crude exports may prove temporary US crude stocks rose on the back of higher US production and a fall in crude inputs to refineries. Stocks could ease back again in the month ahead if the loss of Saudi oil lifts demand for US crude exports . …
25th September 2019
Weaker refinery activity to boost stocks US crude stocks rose last week largely owing to a decline in refinery inputs. Relatively high stocks will continue to reassure the market that there are ample supplies to cover outages in Saudi Arabia . The EIA’s …
18th September 2019
US product demand appears to be losing steam Another sharp fall in US stocks suggests crude demand is holding up well, despite some signs of deterioration in economic activity data. However, we suspect that crude stocks will soon start to build as …
11th September 2019
US commercial crude stocks slump again, but not for much longer! US commercial crude stocks plunged again last week as net imports surged. Looking ahead, we expect higher US oil production and refineries going into scheduled maintenance to lead to …
5th September 2019
Whopping drawdown lifts some demand gloom The huge weekly drawdown in US crude stocks clearly soothed some of the near-term fears surrounding softer demand, as evidenced by today’s gain in prices. But our forecast for a slowdown in the US economy suggests …
28th August 2019
US petroleum demand shows few signs of slowing While most of last week’s draw in US commercial crude stocks was down to a drop in net imports, the latest figures showed another strong week for both inputs to refineries and gasoline demand. But looking …
21st August 2019
Another surprise build for crude stocks Lower demand from refineries is the primary reason for another unexpected rise in commercial crude stocks. This exaggerated today’s fall in prices, which had already been dragged down by weak economic data. Looking …
14th August 2019
The turning point looms for US crude stocks While much of last week’s decline in commercial crude stocks is down to the EIA’s opaque adjustment factor, the latest stocks report nonetheless paints a fairly weak picture of US demand. Given our view that the …
7th August 2019
Despite the large draw, US oil demand is looking soft Another hefty drawdown in US commercial crude stocks last week might be taken as a bullish sign by oil markets. However, taking a closer look at the latest week’s figures, the picture painted of demand …
31st July 2019
Hurricane Barry still distorting the figures A fall in production in the Gulf of Mexico due to Hurricane Barry largely explains last week’s huge decline in US commercial crude stocks. However, although these output outages will only be temporary, we still …
24th July 2019
Hurricane Barry clouds the picture Last week’s draw in commercial crude stocks can largely be put down to a drop in production in the Gulf of Mexico linked to Hurricane Barry, rather than stronger demand for crude. While the picture is blurred by the …
17th July 2019
Philadelphia refinery shutdown seems to have had little effect on stocks Although the main cause of last week’s sharp fall in commercial crude oil stocks is not clear, it does seem that the recent shutdown of the Philadelphia Energy Solution’s refinery …
10th July 2019
The jump in net imports is unlikely to continue A surge in net imports meant that commercial crude oil stocks fell by less-than-expected last week. We expect stocks to continue to drop in the weeks ahead in line with the seasonal uptick in gasoline demand …
3rd July 2019
Hefty stock drawdowns are more about supply than demand We think last week’s unexpectedly large decline in US crude stocks can be explained more by the fall in OPEC production than by surging domestic demand. That said, we do not think that the latest …
26th June 2019